Tax News

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Tiered partnerships can provide tax advantages

While corporations are the most common forms of business entities in Canada, operating partnerships with corporate partners are now becoming more prominent. Partnership structures are attractive because they can be more flexible than corporate structures. Partnerships also tend to be subject to less comprehensive legislation and regulation than corporations. In addition, it’s often easier to […]

By Glenn Stephens |October 1, 2009

5 min read

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Warn clients about worldwide income tax issues

Canada’s revenue agency met with officials at Switzerland’s largest bank, UBS, in an effort to obtain more information on Canadian clients who may not be reporting foreign investment information to the Canadian tax authorities. The visit followed on the heels of the IRS success in forcing UBS to provide account- holder detail for thousands of […]

By Gena Katz |October 1, 2009

3 min read

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Help laid-off clients save on tax

For the first eight months of 2009, more than 300,000 Canadians received a pink slip. And some who lost their jobs also had to deal with large sums in severance, and the uncertainty of what to do with it. Bruce Cumming, president of Cumming & Cumming Wealth Management in Oakville, Ont., confirms he saw a […]

By Rayann Huang |October 1, 2009

7 min read

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Cutting U.S. tax ties isn’t easy

Saying goodbye to Uncle Sam and his taxman can be harder than you think. Many U.S. citizens, dual citizens and long-term permanent residents (certain green-card holders) living in Canada are surprised to discover they’re subject to U.S. income, estate and gift tax, as well as Canadian income tax. In addition to creating ongoing U.S. tax […]

By Beth Webel and Christopher Gandhu |October 1, 2009

4 min read

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Life insurance commissions are taxable

In a decision sure to rock the insurance advisory world, the Tax Court of Canada has ruled that, notwithstanding the longstanding published administrative position of the Canada Revenue Agency, insurance commissions on the sale of two policies on the advisor’s own life were fully taxable. The case (Bilodeau v. the Queen, 2009 TCC 315) involved […]

By Jamie Golombek |October 1, 2009

4 min read

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Health spending account use is rising

Since both kids had autism, Carolyn Plummer and her husband needed to drum up as much as $40,000 a year to cover treatment costs. And when they placed one of the kids in a special education class, those costs skyrocketed further. Three years ago, Plummer’s husband – an incorporated business owner – set up a […]

By Kanupriya Vashisht |October 1, 2009

7 min read

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A tax-deferred solution that rivals RRSPs

Through the use of dividend-paying funds, clients engaged in a professional incorporation have a tax-deferment plan that may be more powerful than an RRSP for a select group of clients. Professional corporations for high-net-worth clients such as dentists, doctors, accountants and lawyers have become a powerful way to shelter a retirement income. Using corporate class […]

By Mark Noble |October 1, 2009

4 min read

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Educate yourself on avoiding taxes

Kids heading off to college or university can be a big transition for both parents and children. Let’s not forget that it is also a time to be practical. As I reminded my neighbours as they helped their son pack for his first year of university, all those receipts for moving expenses should be held […]

By Michelle Munro |October 1, 2009

7 min read

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Four pillars of tax-efficient investing

Tax-efficient investment solutions are likely to become more crucial in the near future. The issue for advisors is how best to achieve this. We know it’s highly important in the context of non-registered accounts, simply because these accounts are not tax-sheltered. We also know that it’s not merely a question of selecting investments that incur […]

By Michelle Munro |September 15, 2009

5 min read

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School’s in: Can your clients afford it?

Recent enhancements to RESPs, as well as the introduction of the tax-free savings account, mean rethinking education funding strategies for your clients. Let’s look at a few ideas. Maximizing RESPs With the annual RESP contribution limit removed and the lifetime maximum limit increased to $50,000, many clients wonder whether it’s better to make an initial […]

September 3, 2009

4 min read

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